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View Poll Results: When did you start taking SS or are planning to take SS?
I'm 62 or older -- SS @ 62 29 9.60%
I'm 62 or older -- SS @ FRA 40 13.25%
I'm 62 or older -- SS @ 70 45 14.90%
I'm younger than 62 -- SS @ 62 60 19.87%
I'm younger than 62 -- SS @ FRA 34 11.26%
I'm younger than 62 -- SS @ 70 60 19.87%
Other (feel free to explain) 34 11.26%
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Poll: Taking SS - when?
Old 04-18-2018, 09:46 AM   #1
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Poll: Taking SS - when?

Trade off between SS starting age and withdrawal rate

This thread ^^ piqued my curiosity as to when folks are either taking or planning on taking SS.

I've made categories for those:
  • already SS-eligible (= age 62 and older)
  • who are younger (< age 62, not yet SS eligible)
and when they are planning to take SS.

As you can start SS any time after 62 and I had limited space for the poll -- please select whatever "bin" is closest, if you didn't fall exactly in one of the poll categories.

(FRA = full retirement age, which varies, depending on year of birth)

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Old 04-18-2018, 09:56 AM   #2
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Currently planning on waiting until 70 for longevity insurance and to maximize survivors benefits for DW. I have lots of time until then, so will remain flexible.
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Old 04-18-2018, 10:05 AM   #3
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Other--younger than 62 so I'll wait and decide then, based on my current health, whether I think the stock market is high (defer SS and sell stock) or low (take SS, sell less stock), and any indications of change, especially if there might not be fair grandfathering.
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More complicated than one might think! LOL
Old 04-18-2018, 10:27 AM   #4
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More complicated than one might think! LOL

I have always planned to take SS at age 70, because I have extreme longevity in my family, I'm female (so statistically more likely to live longer), and I regard it as old age insurance.

When I was 66 (my FRA), I found out that (AT THAT TIME) if one took divorced spousal SS at FRA, future SS based on one's own employment record would continue to grow until age 70. This is a loophole that was closed in 2015 except for people over a certain age, I believe. I got in just under the wire.

Because of this loophole, I have had divorced spousal SS from age 66-70, and this summer I'll switch over to SS based on my own employment record, at my 70th birthday.

So far SS has verbally agreed with me that I will get the same amount at age 70 based on my own employment, that I would have got at age 70 without the divorced spousal SS. Their computations and mine are only a dollar apart according to our phone conversations. I'll let you know this summer if I actually get the $555/month raise that I am expecting. I'm not celebrating until it hits the bank.

Pretty complicated, huh? Anyway I voted that I am over 62 and plan to take SS at age 70, since that has always been my plan and first priority. The divorced spousal SS is just a little lagniappe that I ran across.
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Old 04-18-2018, 10:29 AM   #5
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Voted "Other" for some of the same reasons as RunningBum, but also considering Hold Harmless at 65 plus tax effect of RMD's since majority of Assets in TIRA.
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Old 04-18-2018, 10:38 AM   #6
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I'm 62. DW is 9 months older. Current plan is for DW to claim her benefit at her FRA of 66 & 2 months and for me to wait until 70.

However, we may both claim at FRA as a middle ground since her SS will get stepped up to 50% of mine if I file at FRA. We'll look at both in about 4 years.

If Medicare premium increases start going crazy then we will look at starting at 65.
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Old 04-18-2018, 10:40 AM   #7
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I voted over 62 and started SS @FRA but actually started at @FRA + 2 months.
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Old 04-18-2018, 10:45 AM   #8
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I'm under 62 and voted SS at 62 due to lower than average life expectancy for males in my family. I will re-evaluate when I get closer to 62.
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Old 04-18-2018, 10:51 AM   #9
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Voted 'other' as well. Was planning to split the difference at 64; now that I'm 64 I'm planning on 65 for a variety of reasons.
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Old 04-18-2018, 11:54 AM   #10
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DW and I are inseparable

I voted "other" because for married folks it's really two questions with possibly very different answers resulting from two separate optimization problems.
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Old 04-18-2018, 12:17 PM   #11
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I'm 62. DW is 63. We both plan on taking SS at FRA.
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Old 04-18-2018, 12:22 PM   #12
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Voted over 62 waiting to FRA as it is closest to my plan. DW and I are waiting to 65 due to ACA subsidies, and will assess at that time. Current spending of taxable assets is 4% of portfolio but it would be nice to take pressure off the portfolio if Mr Market decides to castrate the bull.

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Old 04-18-2018, 12:34 PM   #13
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DW and I will both be 62 in August, and expect to take SS at FRA. But were flexible and will re-evaluate each year. Her family lives longer and she will get a higher benefit than me. My family doesnt live so long, so Ill see how my health goes. Right now its not as good as Id like.
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Old 04-18-2018, 12:56 PM   #14
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Other. I took it starting at 65.
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Old 04-18-2018, 01:01 PM   #15
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We just LOVE this topic..... don't we.
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Old 04-18-2018, 01:06 PM   #16
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I'm 56, DH almost 57. Current plan is for me to take SS at 70 and DH at 62. However, plans are subject to change as there are lots of things to consider:
  • progress converting IRAs and 401k to Roths
  • decision on my pension - do we roll lump sum into IRA or take as monthly payments and when to begin
  • changes to our health (i.e. perceived longevity)
  • medicare health insurance premium trends
  • avoiding reductions to SS by being grandfathered
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Old 04-18-2018, 01:08 PM   #17
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Other - I am waiting for the forum to agree on the optimal time to take SS.

If the group cannot agree, we will probably wait until age 65 or FRA. We are still playing the ACA income game. And will likely wait on SS until we are on medicare.
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Old 04-18-2018, 01:18 PM   #18
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DW is 66, I am 65. DW claimed hers when she turned 66. I am waiting for filing at 70. In the mean time I will file for 50% of her benefit (spousal) when I turn 66 later this year. I voted "I'm 62 or older -- SS @ 70 " since we would have done that even without filing spousal. I will constantly review this but honestly don't see a scenario where that might change.
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Old 04-18-2018, 01:26 PM   #19
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Took it at 62 because I could. Two of my friends had just recently passed away (in their late 50's early 60's) without getting a dime. I had planned to take it at 62 anyway, but that sure helped me to make my decision.
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Old 04-18-2018, 01:29 PM   #20
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Quote:
Originally Posted by flintnational View Post
Other - I am waiting for the forum to agree on the optimal time to take SS.

If the group cannot agree, we will probably wait until age 65 or FRA. We are still playing the ACA income game. And will likely wait on SS until we are on medicare.
Also playing the ACA game. Wouldn't taking the SS just be a substitute for taking the investment assets?
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